Village Council provides comments on second BHITA appraisal

Village Council is encouraged by recent developments shared at the July 26 meeting of the BHI Transportation Authority Board.

Notably, the second appraisal of the combined Deep Point and Bald Head Marina properties is around $2.9M less than the original.

In addition, the Transportation Authority’s financial advisor informed the Authority Board that the interest rate on their revenue bond issuance is now down from 4.15% to 3.49%.  The Village’s prudent review and inquiry have proven to be beneficial in reducing the appraised value and positioning bond issuance to a more favorable time.

This is good news for Island property owners and ferry users.  But there is more work to do.  

The Village Council is reviewing the 320-page appraisal to better understand how it approaches the issues the Village Council has been concerned with since the Transportation Authority’s proposal was made public in December 2020.  The Village continues to be concerned with deferred maintenance, management of dredge spoils, improvements to buildings and equipment, service levels, and more.  It is important that the negotiated price provides the capability to address these critical concerns and necessities.

The Village Council also has concerns over the Transportation Authority’s governance structure. The interests of Island workers, businesses, and property owners must be heard, considered, and acted upon.

The Village Council looks forward to continuing its work to identify the best transportation solution for Bald Head Island.

An information session is planned for Friday, August 6, 2021, at 10:00 a.m. in the multipurpose room of the Department of Public Safety Building.  The information session will be available online.  A Q&A component will be included. Further details on this session will be distributed to Village’s Voice subscribers, issued in a public notice, and posted on the Village’s social sites.

The Village Council wants to extend its appreciation to all those who have provided comments, questions, and support regarding the Village’s efforts to ensure the best possible outcome.